What Happened: This new milestone not only set a record high for 2023 but also reached values that haven’t been witnessed since May of last year. The sudden surge in Bitcoin’s price triggered a torrent of BTC shorts, resulting in a staggering $170 million in liquidations within the past 24 hours, as reported by analytics firm CoinGlass.
The majority of the BTC short positions were concentrated on prominent exchanges like Huobi, Binance, and OKX. Huobi accounted for the highest number of shorts at $54.19 million, followed by Binance at $48.21 million, and OKX at $45.82 million. These large positions represented 26.79%, 23.83%, and 22.65% of their total shorts, respectively.
Interestingly, on the crypto exchange Coinbase, Bitcoin was trading at a premium closer to $35,000.
Within the same 24-hour period, over 83,858 traders faced liquidation, resulting in a total of $351.48 million being liquidated across various exchanges. Notably, the largest single liquidation order occurred on Binance, with a BTC-USDT value of $9.98 million.
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A judge in Washington, D.C. issued an order directing the SEC to reconsider an ongoing and legally disputed application for a spot Bitcoin exchange-traded fund (ETF) submitted by Grayscale. This action comes after the SEC failed to respond to a previous court inquiry on the matter.
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